The John Lothian Daily Update is a podcast turning the daily JLN hits and takes comments, our original content and the stories and quips in the top box of First Read into a daily podcast.
Hits & Takes
If you would like to share a remembrance, please email me at email@example.com
Welcome to Boca-V day one. It is Boca without the sunshine, pink buildings and Bar Luna. I am hoping we can return next year. Fingers are crossed.
This morning as we deliver this newsletter, FIA CEO and President Walt Lukken is going to speak and will be announcing a partnership with The Greenwood Project, the life-defining work of Bevon Joseph. He will also talk about the FIA survey, which showed a strong outlook for the cleared derivatives markets. That is the story of my professional life. Strong cleared derivatives markets.
Tom Anderson is the latest to give to the JLN MarketsWiki Education GoFundMe campaign. Tom is a friend and longtime reader of JLN who is a managing director of business development and prime services at Galaxy Digital. Other roles he has had during his 40 years in the listed exchange business are senior vice president and head of proprietary trading group services at Wedbush Futures, a Division of Wedbush Securities, and as chief commercial officer at ABN AMRO Clearing. Thank you to Tom and all who have given and all who have yet to give. Support our efforts to preserve industry history by donating to our GoFundMe campaign.
I interviewed Peter Harrigan last week for the Open Outcry Traders History Project. Peter is a former Cboe and PECOS trader. He has also been a crypto investor and has some good stories to tell. Stay tuned.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
Retail Traders Wade Into Cannabis Shares
Nasdaq IR Intelligence analyst Saleem Daya sat down to talk with JLN about a recent jump in cannabis stock price volatility. He also explained what is behind the rise in mergers and acquisitions in the space.
Statement of Commissioner Dan M. Berkovitz on Exchange Rules and Product Terms and Conditions that Fail to Impose Limits on Crude Oil “Trading at Settlement” Transactions
The Commission’s final rules on Position Limits for Derivatives (Position Limits Final Rules) become effective today, March 15, 2020. In anticipation of this effective date, the New York Mercantile Exchange (NYMEX), a CFTC-registered designated contract market, “self-certified” amended product terms and conditions to raise the speculative position limits for its West Texas Intermediate (WTI) crude oil futures, including in the spot month. NYMEX and other CME Group contract markets also requested and received Commission approval of new or amended rules relevant to their position limits. These exchange regulatory filings implementing the Position Limits Final Rules miss an opportunity to remediate a well-known vulnerability in these contract markets’ Trading at Settlement (TAS) rules, namely the absence of any numerical limits on the speculative use of TAS contracts during the spot month of the contract. Last year, the Commission failed to address this issue in its report on the April 20 collapse of WTI crude oil futures prices, as well as in the Position Limits Final Rules. Today, the contract markets also do not address this issue.
*****The use of the TAS in the oil crash needs to be looked at. Yes, it does.~JJL
Token citizens of the world, decentralise! Is this how liberty dies? With the transparent tokenisation of people?
Izabella Kaminska – FT
Last week Jemima brought us the story of Mintme.com, a crypto platform that hopes to help people fund themselves “for free” by allowing them to create a token that represents their own selves or a project that they have created.
*****I like centralization. If you look deep into your soul, it is centralized, not decentralized.~JJL
FIA survey shows strong outlook for cleared derivatives markets; China, bitcoin and operations are key focus while pandemic and political risks top concerns
Will Acworth – FIA
FIA conducted a survey at the beginning of 2021 to assess the outlook for the global cleared derivatives industry. The survey gathered feedback from people working at banks, brokers, exchanges, technology vendors and other firms that support the trading and clearing of derivatives such as futures and options.
Monday’s Top Three
The top-read story on Monday, was from John Lothian News, Jack Sandner: Chicago Success Story, Fighter, Lawyer, Trader, Brokerage Executive, Exchange Leader, Civic Leader and Investor, followed by a second John Lothian News piece on Sandner, Jack Sandner Remembrances. The third most read was Finance Feeds’ The Dawn of Australia’s New Futures Exchange, FEX Global.